In November 2021, the total market capitalization of all cryptocurrencies in circulation hit a record high of $2.9 trillion. That figure shrank by as much as 72% to just $829 billion in the year that followed, as investors grappled with a wave of high-profile collapses across the industry.

But a recovery is underway, and the crypto market valuation has climbed back about $2.5 trillion, which means a new record high is within reach. More than half of that value is represented by Bitcoin (CRYPTO: BTC), which has a market capitalization of $1.3 trillion.

Bitcoin has surged 52% in 2024 so far and currently trades at more than $64,000, not all that far from its all-time high.

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Source Fool.com